Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income ("AOCI") attributable to the Company:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Currency Translation Adjustment
Beginning balance	$	(5,499)	$	(7,436)	$	(2,581)	$	(8,203)
Other comprehensive income (loss) before reclassifications	(1,965)		2,669		(4,883)		3,436
Tax effect	—		—		—		—
Other comprehensive income (loss), net of tax	(1,965)		2,669		(4,883)		3,436
Ending balance	$	(7,464)	$	(4,767)	$	(7,464)	$	(4,767)
Hedging Adjustment
Beginning balance	$	24,624	$	18,750	$	20,985	$	23,546
Other comprehensive income (loss) before reclassifications	3,083		11,511		11,879		7,209
Amounts reclassified from AOCI (a)	(3,203)		(2,514)		(7,156)		(4,619)
Tax effect (c)	30		(2,262)		(1,174)		(651)
Other comprehensive income (loss), net of tax	(90)		6,735		3,549		1,939
Ending balance	$	24,534	$	25,485	$	24,534	$	25,485
Pension and Other Postretirement Adjustment
Beginning balance	$	4,028	$	4,695	$	4,203	$	4,883
Other comprehensive income (loss) before reclassifications	5		(15)		10		(29)
Amounts reclassified from AOCI (b)	(228)		(228)		(456)		(456)
Tax effect (c)	48		54		96		108
Other comprehensive income (loss), net of tax	(175)		(189)		(350)		(377)
Ending balance	$	3,853	$	4,506	$	3,853	$	4,506
Investments in Convertible Preferred Securities Adjustment
Beginning balance	$	258	$	258	$	258	$	258
Other comprehensive income (loss), net of tax	—		—		—		—
Ending balance	$	258	$	258	$	258	$	258
Total AOCI Ending Balance	$	21,181	$	25,482	$	21,181	$	25,482

(a)Amounts reclassified from gain (loss) on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings. Gains and losses from interest rate derivatives are recognized in Interest expense, net as interest payments are made on the Company's variable rate debt. When interest rate derivatives are settled prior to maturity the gain or loss is recognized in Other income, net. See Note 5 for additional information.

(b)This accumulated other comprehensive loss component is included in the computation of net periodic benefit cost recorded in Operating, administrative and general expenses.

(c)The Company utilizes the aggregate approach for releasing disproportionate income tax effects in AOCI.